The insurance industry runs on manual accounting. Comulate is the AI quietly doing that work instead - and getting some brokers, reportedly, to tears of joy.
The Comulate mark: a folded green geometry that looks a little like a ledger and a little like a paper plane. Fitting, for a company moving money quietly from A to B.
Here is a thing about insurance that nobody puts on a pitch deck: an enormous amount of it is arithmetic. A carrier sends a broker a statement. The broker has to match that statement to the policies it wrote, confirm the commission is what was promised, notice when it isn't, and then move the money to the right place. Multiply by thousands of policies and dozens of carriers, each with its own file format, and you have an industry that spends - by Comulate's own framing - hundreds of billions of dollars a year on people doing reconciliation by hand.
This is the kind of work that is too important to skip and too dull to love. It is also, it turns out, an excellent thing to point an AI at. Comulate, founded in San Francisco in 2022, builds software that reads those messy carrier statements, reconciles them against the broker's policy and ledger systems, and flags the discrepancies a tired human might miss at six in the evening. The company calls the outputs cash application, direct billing, carrier payables, and - the phrase that will make a CFO lean in - revenue integrity.
The founders are Jordan Katz and Michael Mattheakis, who met at the University of Michigan and later worked at, respectively, Asana and Brex. Those are two companies known for taking unglamorous internal functions - task tracking, corporate cards - and making them feel like products. Comulate is the same instinct, applied to a corner of finance most software founders would rather not think about.
The reasonable objection is that legacy incumbents already sell this. They do. Applied Systems' Epic platform is used, by one estimate, at 81% of large brokers, and Applied does something like $750 million a year in revenue. But entrenched software has a way of leaving whole workflows unautomated, because "good enough" is very sticky and rewriting the accounting layer is nobody's favorite quarter. That gap - between what the incumbent technically does and what a broker's accounting team still does by hand - is the opening Comulate walked through.
“An early customer was crying tears of joy using our automated billing product.”— Michael Mattheakis, Co-Founder & CTO
Comulate's platform sits across the parts of a broker's back office where money is easiest to lose track of. Each module automates a step that used to be a spreadsheet and a sigh.
AI matches incoming payments to the right policies and invoices, clearing the reconciliation backlog that piles up daily.
Reconciles carrier direct-bill statements against expected commissions and policy data - automatically.
Tracks what brokers owe carriers and flags variances before they curdle into disputes.
Surfaces discrepancies and commission leakage across the lifecycle, then generates variance reports so revenue isn't quietly lost.
Former product manager at Asana. Runs Comulate's product and go-to-market. His public email still sits on the company's front door: jordan@comulate.com.
Early employee at fintech unicorn Brex. Leads engineering and the AI models that read carrier statements no two of which look alike.
Legal entity: Ardent Labs, Inc. · The brand and the entity that signs the checks are not the same name.
Comulate had raised roughly $5M when demand from large firms surged. Rather than run a Series A, it went directly to a $20M Series B - the kind of move you can only make when customers are pulling the product out of your hands.
| Round | Amount | Date | Select Investors |
|---|---|---|---|
| Seed / Early | ~$5M | 2022–2023 | Neo, Spark Capital, Jonathan Crystal, Zach Perret (Plaid), Qasar Younis (Applied Intuition) |
| Series B | $20M | Feb 2025 | BOND (lead), Workday Ventures (lead), Neo, Spark Capital & existing backers |
As part of the round, Comulate joined the Workday Partner Program for deeper platform integration. Total raised to date: ~$24M.
In January 2026, Forbes ran a piece with a memorable framing: an insurance-software goliath crushing an AI david. The goliath is Applied Systems, founded in 1983, owned since 2014 by private equity, and grown to well over 2,000 employees. The david is Comulate, a roughly 30-person team generating north of $10 million in annualized revenue.
The tension is not subtle. To build integrations, a startup often needs access to the incumbent's platform - and the incumbent has every reason to slow-walk that access. The Forbes account describes Comulate going to unusual lengths to get a sandbox account after being denied, a detail the company acknowledged was "not ideal." It is the sort of scrappy-versus-entrenched story that plays out whenever a small, fast product tries to plug into a big, defensive one.
What makes it interesting is that Comulate isn't trying to replace Epic wholesale. It's automating the accounting work that sits on top of whatever system a broker already runs. That is a narrower, more winnable fight - and it's why brokers like IMA Financial, The Baldwin Group, and Hilb Group were willing to put a three-year-old startup in the path of their revenue.
IMA Financial, The Baldwin Group, Hilb Group, Hylant, Lockton, Houchens Insurance and CAC Group among them.
Revenue tripled year-over-year on the way to an eight-figure run rate - a pace investors called unprecedented for insurance software.
Time customers reclaimed in a single year by handing manual reconciliation to the platform.
Operators from Brex, Asana, Plaid, Applied Intuition, Coalition, Airbnb and Google.
Katz and Mattheakis, friends from Michigan, commit to building a company together in late 2021.
The company - legally Ardent Labs, Inc. - launches in San Francisco to automate insurance back-office accounting.
Reaches millions in ARR within roughly 18 months and lands large public and private brokerages.
Inbound demand from large firms surges; customers reclaim 350,000+ hours of manual work.
Raises $20M led by BOND and Workday Ventures, skips a Series A, joins the Workday Partner Program.
Profiled as the AI challenger to incumbent Applied Systems, with a ~30-person team and eight-figure revenue.
Interviews and product walkthroughs from the founders and team.
The company's own account of the Series B and its roadmap.
Forbes on Comulate's fight with incumbent Applied Systems.
Sources: Comulate.com · Forbes (Jan 2026) · TechCrunch · PR Newswire · Crunchbase · Insurtech Insights · The SaaS News · LeadersEdge · The Org. Figures are approximate and drawn from public reporting; treat revenue and headcount as estimates.